2009-012-ORD FRANCHISE TO CITY CAB CO

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and the City, upon the happening of such event, may declare the rights of the Grantees hereunder forfeited for such breach. Section 18. This grant is made upon the express condition that the non - exercise of the power to regulate rates and charges which the Grantees may charge to the public in the operation of their business shall never be construed as an acquiescence or recognition of the justness or correctness of said Grantees' established rate, and that, so long as the City Council of the City of Paris does not exercise its legislative and governmental power to fix and regulate the rates that the Grantees shall charge to the public, the question of property values used and useful in the rendering of the service prior to rate regulation shall never stop the City from determining the real or actual value of property used or useful in rendering such service. If, and when, the City Council or other governing body shall exercise the power to fix the rates to be charged for such service in the City of Paris, no allowance in the way of said rate shall be made as compensation for any property used or consumed in rendering the service by the Grantees for such service. If, and when, the City Council decides to regulate rates, then, at such time, the Council will fully exercise its rate regulatory power under the provisions of law applicable thereto, and the failure to provide under this ordinance the machinery for the administration, legislative, or executive control of such matter shall not preclude the Council from fully exercising that power and providing suitable provisions to enforce such power. Section 19. That any unwarranted and intentional neglect, failure, or refusal of the Grantees to comply with any of the conditions and stipulations contained in this franchise shall thereupon immediately, ipso facto, effect a forfeiture hereof, and the City Council may, thereupon, declare this franchise forfeited and may exclude the Grantees from further use of the streets of the city under this franchise, and the Grantees shall thereupon and immediately surrender all rights in and to the same, and this franchise shall become null and void and of no effect. Section 20. That the grant of this franchise shall be and is hereby expressly conditioned upon the right of the City Council to adopt an ordinance or ordinances regulating the activities authorized herein, and upon adoption of said ordinance or ordinances, the City Council reserves the right at its discretion to supersede this ordinance with the requirements of said regulatory ordinance or ordinances, even if the term of this ordinance has not expired. Section 21. That within ten (10) days after the passage of this ordinance by the City Council, the Grantees herein shall file with the City Clerk, in writing, the acceptance of the terms and provisions of this grant. Section 22. That this taxicab franchise ordinance was introduced, read, and passed on first reading on February 9, 2009, at a regular meeting of the City Council of the City of Paris; read and passed on second reading on March 9, 2009, at a regular meeting of the City Council of the City of Paris; and, read and passed on third and final reading on March 23, 2009, at a regular meeting of the City Council of the City of Paris, the same being three (3) separate regular meetings of the City Council of the City of Paris, and the last reading being not less than thirty (30) days from the first. Page 5 of 6